van Eyk Blueprint Gold Bullion Fund - Macquarie

van Eyk Blueprint Gold Bullion FundARSN 133 499 466

Annual report - 30 June 2013

van Eyk Blueprint Gold Bullion FundARSN 133 499 466

Annual report - 30 June 2013

Contents

Page

Directors' Report 1

Auditor's Independence Declaration 4

Statement of Comprehensive Income 5

Statement of Financial Position 6

Statement of Changes in Equity 7

Statement of Cash Flows 8

Notes to the Financial Statements 9

Directors' Declaration 29

Independent Auditor's Report 30

This financial report covers van Eyk Blueprint Gold Bullion Fund as an individual entity.

The Responsible Entity of van Eyk Blueprint Gold Bullion Fund is Macquarie Investment Management Limited (ABN 66 002867 003). The Responsible Entity's registered office is No. 1 Martin Place, Sydney, NSW 2000.

van Eyk Blueprint Gold Bullion Fund

Directors' Report30 June 2013

The directors of Macquarie Investment Management Limited, a wholly owned subsidiary of Macquarie Group Limited,the Responsible Entity of van Eyk Blueprint Gold Bullion Fund, present their report together with the financial report ofvan Eyk Blueprint Gold Bullion Fund (the "Trust") for the year ended 30 June 2013.

Principal activities

The Trust invests in listed equities and derivatives in accordance with the Trust Constitution.

The Trust did not have any employees during the year.

There were no significant changes in the nature of the Trust’s activities during the year.

Directors

The following persons held office as directors of Macquarie Investment Management Limited during the year or sincethe end of the year and up to the date of this report:

B Terry

T Graham (resigned 30/06/2013)

R Cartwright (resigned 30/06/2013)

C Vignes (resigned 30/06/2013)

M Aubrey (resigned 30/06/2013)

J Edstein (appointed 01/07/2013)

J Skender (appointed 01/07/2013)

I Miller (appointed 01/07/2013)

Review and results of operations

During the year, the Trust continued to be managed in accordance with the investment objective and strategy set outin the Trust’s offer document and in accordance with the Trust Constitution.

Results

The performance of the Trust, as represented by the results of its operations, was as follows:

2013 2012

Operating (loss)/profit before financecosts attributable to unitholders($'000) (9,672) 1,310

Distributions

Distribution paid and payable ($'000) 2,563 658

Distribution (cents per unit) 8.39 3.20

Significant changes in state of affairs

In the opinion of the directors, there were no significant changes in the state of affairs of the Trust that occurred duringthe financial year under review.

1



Matters subsequent to the end of the financial year

No matter or circumstance has arisen since 30 June 2013 that has significantly affected, or may significantly affect:

(i) the operations of the Trust in future financial years, or

(ii) the results of those operations in future financial years, or

(iii) the state of affairs of the Trust in future financial years.

Likely developments and expected results of operations

The Trust will continue to be managed in accordance with the investment objective and strategy set out in the Trust’soffer document and in accordance with the Trust Constitution.

The results of the Trust's operations will be affected by a number of factors, including the performance of investmentmarkets in which the Trust invests. Investment performance is not guaranteed and future returns may differ from pastreturns. As investment conditions change over time, past returns should not be used to predict future returns.

Further information on likely developments in the operations of the Trust and the expected results of those operationshave not been included in this report because the Responsible Entity believes it would be likely to result inunreasonable prejudice to the Trust.

Indemnification and insurance of officers and auditors

No insurance premiums are paid for out of the assets of the Trust in regards to insurance cover provided to either theofficers of Macquarie Investment Management Limited or the auditors of the Trust. Under the Trust Constitution,Macquarie Investment Management Limited as Responsible Entity of the Trust is entitled to be indemnified out of theassets of the Trust for any liability incurred by it in properly performing or exercising any of its powers or duties inrelation to the Trust.

Fees paid to and interests held in the Trust by the Responsible Entity or its associates

Fees paid to the Responsible Entity and its associates out of Trust property during the year are disclosed in note 10 ofthe financial statements.

No fees were paid out of Trust property to the directors of the Responsible Entity during the year.

The number of interests in the Trust held by the Responsible Entity or its associates as at the end of the financial yearare disclosed in note 10 of the financial statements.

Interests in the Trust

The movement in units on issue in the Trust during the year is disclosed in note 6 of the financial statements.

The value of the Trust’s assets and liabilities is disclosed on the statement of financial position and derived using thebasis set out in note 2 of the financial statements.

Environmental regulation

The operations of the Trust are not subject to any particular or significant environmental regulations under aCommonwealth, State or Territory law.

2



Rounding of amounts to the nearest thousand dollars

Pursuant to Class Order 98/0100 issued by the Australian Securities & Investments Commission, relating to the"rounding off" of amounts in the directors' report and financial report, amounts in the directors' report and financialreport have been rounded off to the nearest thousand dollars in accordance with that Class Order, unless otherwiseindicated.

Auditor's independence declaration

A copy of the Auditor's independence declaration as required under section 307C of the Corporations Act 2001 is setout on page 4.

This report is made in accordance with a resolution of the directors.

Director: ...............................................................

B Terry

Sydney

11 September 2013

3


Statement of Comprehensive IncomeFor the Year Ended 30 June 2013

Notes

2013

$'000

2012

$'000

Investment income

Interest income 952 949

Net foreign exchange gains/(losses) 265 (193)

Net (losses)/gains on financialinstruments held at fair value through

profit or loss 5 (10,539) 805

Total net investment (loss)/income (9,322) 1,561

Expenses

Responsible Entity/Manager fees 10 345 245

Other operating expenses 5 6

Total operating expenses 350 251

Operating (loss)/profit (9,672) 1,310

Finance costs attributable to unitholders

Distributions to unitholders (2,563) (658)

Decrease/(increase) in net assetsattributable to unitholders 6 12,235 (652)

Profit/(loss) for the year - -

Other comprehensive income for theyear - -

Total comprehensive income forthe year - -

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

5


Statement of Financial PositionAs at 30 June 2013

Notes

2013

$'000

2012

$'000

Assets

Cash and cash equivalents 7 21,707 22,975

Margin accounts 4,728 2,422

Receivables 7 5

Financial assets held at fair valuethrough profit or loss 8 5,856 423

Total assets 32,298 25,825

Liabilities

Redemptions payable 104 -

Distributions payable - 102

Due to brokers - payable forsecurities purchased 1,295 -

Responsible Entity/Manager feespayable 10 27 22

Financial liabilities held at fair valuethrough profit or loss 9 2,897 -

Total liabilities (excluding netassets attributable to unitholders) 4,323 124

Net assets attributable tounitholders - liability 6 27,975 25,701

The above statement of financial position should be read in conjunction with the accompanying notes.

6


Statement of Changes in EquityFor the Year Ended 30 June 2013

2013

$'000

2012

$'000

Total equity at the beginning of theyear - -

Total comprehensive income for the year - -

Transactions with owners in theircapacity as owners - -

Total equity at the end of the year - -

Under Australian Accounting Standards, net assets attributable to unitholders are classified as a liability rather than equity.As a result there was no equity at the start or end of the year.

The above statement of changes in equity should be read in conjunction with the accompanying notes.

7


Statement of Cash FlowsFor the Year Ended 30 June 2013

Notes

2013

$'000

2012

$'000

Cash flows from operatingactivities:

Proceeds from sale of financialinstruments held at fair value throughprofit or loss 2,418 8,320

Purchase of financial instrumentsheld at fair value through profit orloss (16,504) (2,718)

Interest received 952 949

Responsible Entity/Manager feespaid (340) (240)

Payment of other expenses (7) (6)

Net cash (outflow)/inflow fromoperating activities 11(a) (13,481) 6,305

Cash flows from financingactivities:

Proceeds from applications byunitholders 14,936 9,597

Payments for redemptions byunitholders (2,269) (2,933)

Distributions paid (719) (1,379)

Net cash inflow from financingactivities 11,948 5,285

Net (decrease)/increase in cashand cash equivalents (1,533) 11,590

Cash and cash equivalents at thebeginning of the year 22,975 11,578

Effects of foreign currency exchangerate changes on cash and cashequivalents 265 (193)

Cash and cash equivalents at theend of the year 7 21,707 22,975

Non-cash financing activities 11(b) 1,946 441

The above statement of cash flows should be read in conjunction with the accompanying notes.

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Notes to the Financial StatementsFor the Year Ended 30 June 2013

1 General Information

This financial report covers van Eyk Blueprint Gold Bullion Fund (the "Trust") as an individual entity. The Trust wasconstituted on 30 September 2008. The Trust is a registered managed investment scheme domiciled in Australia.

The Responsible Entity of the Trust is Macquarie Investment Management Limited (the "Responsible Entity''). TheResponsible Entity’s registered office is No. 1 Martin Place, Sydney, NSW 2000. The financial report is presented inAustralian dollars.

The Investment Manager of the Trust is van Eyk Research Pty Ltd (the "Investment Manager").

The parent and ultimate parent of the Trust is van Eyk Blueprint Alternatives Fund.

During the year, the Trust continued to be managed in accordance with the investment objective and strategy set outin the Trust’s offer document and in accordance with the Trust Constitution.

The financial statements were authorised for issue by the directors on 11 September 2013. The directors of theResponsible Entity have the power to amend and reissue the financial report.

2 Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below. Thesepolicies have been consistently applied to all years presented, unless otherwise stated in the following text.

(a) Basis of Preparation

This general purpose financial report has been prepared in accordance with Australian Accounting Standards,other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act2001 in Australia.

The financial report is prepared on the basis of fair value measurement of assets and liabilities except whereotherwise stated.

The statement of financial position is presented on a liquidity basis. Assets and liabilities are presented indecreasing order of liquidity and do not distinguish between current and non-current. All balances are expectedto be recovered or settled within twelve months, except for investments in financial assets and net assetsattributable to unitholders. The amount expected to be recovered or settled within twelve months after the endof each reporting period cannot be reliably determined.

Compliance with International Financial Reporting Standards

The financial statements also comply with International Financial Reporting Standards as issued by theInternational Accounting Standards Board.

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2 Summary of Significant Accounting Policies (continued)

(b) Financial instruments

(i) Classification

The Trust's investments are categorised as at fair value through profit or loss. They comprise:

Financial instruments held for trading

These include derivative financial instruments such as futures. The Trust does not designate anyderivatives as hedges in a hedging relationship.

Financial instruments designated at fair value through profit or loss upon initial recognition

These include financial assets that are not held for trading purposes and which may be sold.These include investments in exchange traded equity securities.

Financial assets and financial liabilities designated at fair value through profit or loss at inceptionare those that are managed and their performance evaluated on a fair value basis in accordancewith the Trust’s documented investment strategy. The Trust’s policy is for the Responsible Entityto evaluate the information about these financial assets on a fair value basis together with otherrelated financial information.

Loans and receivables comprise amounts due to the Trust.

(ii) Recognition/derecognition

The Trust recognises financial assets and financial liabilities on the date it becomes party to thecontractual agreement (trade date) and recognises changes in fair value of the financial assets orfinancial liabilities from this date.

Investments are derecognised when the right to receive cashflows from the investments has expired orthe Trust has transferred substantially all risks and rewards of ownership.

(iii) Measurement

(a) Financial assets and financial liabilities held at fair value through profit or loss

Financial assets and financial liabilities held at fair value through profit or loss are measured initially atfair value excluding any transaction costs that are directly attributable to the acquisition or issue of thefinancial asset or financial liability. Transaction costs on financial assets and financial liabilities at fairvalue through profit or loss are expensed immediately. Subsequent to initial recognition, all instrumentsheld at fair value through profit or loss are measured at fair value with changes in their fair valuerecognised in the statement of comprehensive income.

Fair value in an active market

The fair value of financial assets and financial liabilities traded in active markets is based on theirquoted market prices at the statement of financial position date without any deduction forestimated future selling costs. Financial assets are priced at current bid prices, while financialliabilities are priced at current asking prices.

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(b) Financial instruments (continued)

(iii) Measurement (continued)

(a) Financial assets and financial liabilities held at fair value through profit or loss (continued)

Fair value in an inactive or unquoted market

The fair value of financial assets and financial liabilities that are not traded in an active market isdetermined using valuation techniques. These include the use of recent arm’s length markettransactions, reference to the current fair value of a substantially similar other instrument,discounted cash flow techniques, option pricing models or any other valuation technique thatprovides a reliable estimate of prices obtained in actual market transactions.

Where discounted cash flow techniques are used, estimated future cash flows are based onmanagement’s best estimates and the discount rate used in a market rate at the statement offinancial position date applicable for an instrument with similar terms and conditions.

For other pricing models, inputs are based on market data at the statement of financial positiondate. Fair values for unquoted equity investments are estimated, if possible, using applicablepricing/earnings ratios for similar listed companies adjusted to reflect the specific circumstancesof the issuer.

The fair value of derivatives that are not exchange traded is estimated at the amount that theTrust would receive or pay to terminate the contract at the statement of financial position datetaking into account current market conditions (volatility and appropriate yield curve) and thecurrent creditworthiness of the counterparties.

Details on how the fair value of financial instruments is determined are disclosed in note 3(e).

(b) Loans and receivables

Loans and receivables are measured initially at fair value plus transaction costs and subsequentlyamortised using the effective interest method, less impairment losses if any. Such assets are reviewedat each statement of financial position date to determine whether there is objective evidence ofimpairment.

If any such indication of impairment exists, an impairment calculation is undertaken and any impairmentloss is recognised in the statement of comprehensive income as the difference between the asset’scarrying amount and the present value of estimated future cash flows discounted at the original effectiveinterest rate.

If in a subsequent period the amount of an impairment loss recognised on a financial asset carried atamortised cost decreases and the decrease can be linked objectively to an event occurring after thewrite-down, the write-down is reversed through the statement of comprehensive income.

(iv) Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the statement offinancial position if, and only if, there is a legally enforceable right to offset the recognised amounts at alltimes and there is an intention to settle on a net basis, or realise the asset and settle the liabilitysimultaneously.

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(c) Net assets attributable to unitholders

Units are redeemable at the unitholders' option and are therefore classified as financial liabilities. The units canbe put back to the Trust at any time for cash based on the redemption price. The fair value of redeemable unitsis measured at the redemption amount that is payable (based on the redemption unit price) at the statement offinancial position date if unitholders exercised their right to put the units back to the Trust.

(d) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash includes cash on hand and deposits heldat call with financial institutions. Cash equivalents include other short-term, highly liquid investments withoriginal maturities of three months or less from the date of acquisition that are readily convertible to knownamounts of cash, which are subject to an insignificant risk of changes in value and are held for the purpose ofmeeting short-term cash commitments rather than for investment or other purposes. Bank overdrafts, if any, areshown separately on the statement of financial position.

Payments and receipts relating to the purchase and sale of investment securities are classified as cash flowsfrom operating activities, as movements in the fair value of these securities represent the Trust's main incomegenerating activity.

(e) Margin accounts

Margin accounts comprise cash held as collateral for derivative transactions. The cash is held by the broker andis only available to meet margin calls.

(f) Investment income

Interest income is recognised in the statement of comprehensive income for all financial instruments that arenot held at fair value through profit or loss using the effective interest method.

(g) Foreign currency translation

(i) Functional and presentation currency

Items included in the Trust’s financial statements are measured using the currency of the primaryeconomic environment in which it operates (the “functional currency”). This is the Australian dollar, whichreflects the currency of the economy in which the Trust competes for funds and is regulated. TheAustralian dollar is also the Trust’s presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange ratesprevailing at the dates of the transactions. Foreign exchange gains and losses resulting from thesettlement of such transactions and from the translations at year end exchange rates of monetary assetsand liabilities denominated in foreign currencies are recognised in the statement of comprehensiveincome.

12




(g) Foreign currency translation (continued)

(ii) Transactions and balances (continued)

The Trust does not isolate that portion of gains or losses on securities and derivative financialinstruments that are measured at fair value through profit or loss and which is due to changes in foreignexchange rates from that which is due to changes in the market price of securities. Such fluctuations areincluded with the net losses or gains on financial instruments at fair value through profit or loss.

(h) Expenses

All expenses, including Responsible Entity/Manager fees, are recognised in the statement of comprehensiveincome on an accruals basis.

(i) Income tax

Under current legislation, the Trust is not subject to income tax provided the income of the Trust is fullydistributed either by way of cash or reinvestment (i.e. unitholders are presently entitled to the income of theTrust).

Financial instruments held at fair value may include unrealised capital gains. Should such a gain be realised,that portion of the gain that is subject to capital gains tax will be distributed so that the Trust is not subject tocapital gains tax.

Realised capital losses are not distributed to unitholders but are retained in the Trust to be offset against anyrealised capital gains. If realised capital gains exceed realised capital losses, the excess is distributed tounitholders.

The benefits of imputation credits and tax paid are passed on to unitholders.

(j) Distributions

In accordance with the Trust Constitution, the Trust distributes its distributable income, and any other amountsdetermined by the Responsible Entity, to unitholders by cash or reinvestment. The distributions are recognisedin the statement of comprehensive income as finance costs attributable to unitholders.

(k) Increase/decrease in net assets attributable to unitholders

Income not distributed is included in net assets attributable to unitholders. Movements in net assets attributableto unitholders are recognised in the statement of comprehensive income as finance costs.

(l) Due to brokers

Amounts due to brokers represent payables for securities purchased that have been contracted for but not yetdelivered by the end of the year.

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(m) Receivables

Receivables may include amounts for interest and dividends. Interest is accrued at the reporting date from thetime of last payment in accordance with the policy set out in note 2(f) above. Dividends are accrued when theright to receive payment is established. Amounts are generally received within 30 days of being recorded asreceivables.

Receivables may include such items as Reduced Input Tax Credits (RITC).

(n) Payables

Payables includes liabilities and accrued expenses owing by the Trust which are unpaid as at year end.

The redemption amount payable to unitholders as at year end is recognised separately in the statement offinancial position.

The distribution amount payable to unitholders as at year end is recognised separately in the statement offinancial position as unitholders are presently entitled to the distributable income under the Trust Constitution.

(o) Applications and redemptions

Applications received for units in the Trust are recorded net of any entry fees payable prior to the issue of unitsin the Trust. Redemptions from the Trust are recorded gross of any exit fees payable after the cancellation ofunits redeemed.

(p) Goods and Services Tax (GST)

The GST incurred on the costs of various services provided to the Trust by third parties such as ResponsibleEntity/ Manager fees, have been passed onto the Trust. The Trust qualifies for RITC hence Responsible Entity/Manager fees and other expenses have been recognised in the statement of comprehensive income net of theamount of GST recoverable from the Australian Taxation Office (ATO). Accounts payable are inclusive of GST.The net amount of GST recoverable from the ATO is included in receivables in the statement of financialposition. Cash flows relating to GST are included in the statement of cash flows on a gross basis.

(q) Use of estimates

The Trust makes estimates and assumptions that affect the reported amounts of assets and liabilities within thenext financial year. Estimates are continually evaluated and based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.

For the majority of the Trust’s financial instruments, quoted market prices are readily available. However,certain financial instruments, for example, over-the-counter derivatives are fair valued using valuationtechniques. Where valuation techniques (for example, pricing models) are used to determine fair values, theyare validated and periodically reviewed by experienced personnel of the Responsible Entity, independent of thearea that created them. Models are calibrated by back-testing to actual transactions to ensure that outputs arereliable.

Models use observable data to the extent practicable. However, inputs such as credit risk (both own andcounterparty), volatilities and correlations require management to make estimates. Changes in assumptionsabout these inputs could affect the reported fair value of financial instruments.

For certain other financial instruments, including amounts due to brokers and accounts payable, the carryingamounts approximate fair value due to the immediate or short-term nature of these financial instruments.

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(r) New accounting standards and interpretations

Certain new accounting standards and interpretations have been published that are not mandatory for the 30June 2013 reporting periods. The Responsible Entity’s assessment of the impact of these new standards (to theextent relevant to the Trust) and interpretations is set out below:

(i) AASB 9 Financial Instruments and related amendment AASB 2009-11

AASB 9 applies to annual reporting periods beginning on or after 1 January 2015 and will therefore apply to theTrust from 1 July 2015. The Trust does not intend to early adopt AASB 9 as permitted by the standard, and theactual impact on initial application will depend on certain elections as disclosed below.

AASB 9 requires all financial instruments to be measured at fair value unless the criteria for amortised cost aremet. The application of the standard is not expected to change the measurement basis of any of the Trust'scurrent financial instruments, however, AASB 9 allows the Trust to elect to present gains and losses on equitysecurities through other comprehensive income, which may impact the presentation of these gains and losses.The impact of the standard may also change if the nature of the Trust's activities or investments changes priorto initial application.

(ii) AASB 10 Consolidated Financial Statements and related standards AASB 11, AASB 12

AASB 10 establishes a new control model that applies to all entities. It replaces parts of AASB 127Consolidated and Separate Financial Statements dealing with the accounting for consolidated financialstatements and UIG - 112 Consolidation - Special Purpose Entities. AASB 10 applies to annual reportingperiods beginning on or after 1 January 2013 and will therefore apply to the Trust from 1 July 2013. The Trustdoes not intend to early adopt AASB 10 as permitted by the standard. Management does not expect theadoption of AASB 10 to lead to any change to the presentation of consolidated financial statements based onthe Trust's current investment strategy.

(iii) AASB 13 Fair Value Measurement

AASB 13 establishes a single source of guidance under IFRS for determining the fair value of assets andliabilities. AASB 13 does not change when an entity is required to use fair value, but rather, provides guidanceon how to determine fair value when fair value is required or permitted. Application of this definition may resultin different fair values being determined for the relevant assets.

AASB 13 also expands the disclosure requirements for all assets or liabilities carried at fair value. This includesinformation about the assumptions made and the qualitative impact of those assumptions on the fair valuedetermined. AASB 13 applies to annual reporting periods beginning on or after 1 January 2013 and willtherefore apply to the Trust from 1 July 2013. The Trust does not intend to early adopt AASB 13 as permitted bythe standard. Management does not expect this will have a significant effect on the Trust's financial statements.

Standards and interpretations that are not expected to have material impact on the Trust have not beenincluded.

(s) Rounding of amounts

Pursuant to Class Order 98/0100 issued by the Australian Securities & Investments Commission, relating to the"rounding off" of amounts in the directors' report and financial report, amounts in the directors' report andfinancial report have been rounded off to the nearest thousand dollars in accordance with that Class Order,unless otherwise indicated.

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3 Financial risk management

(a) Strategy in using financial instruments

The Trust’s activities expose it to a variety of financial risks: market risk (including price risk, foreign exchangerisk and interest rate risk), credit risk and liquidity risk.

The Trust’s overall risk management programme focuses on ensuring compliance with the Trust’s investmentguidelines and seeks to maximise the returns derived for the level of risk to which the Trust is exposed. TheTrust uses derivatives and other instruments for trading purposes and in connection with its risk managementactivities.

The Trust may use derivative financial instruments to gain market exposure for any cash in the portfolio.

Derivatives are not used to gear (leverage) the portfolio. Gearing a portfolio would occur if the level of exposureto the markets exceed the underlying value of the Trust.

Financial risk management is monitored by the Responsible Entity's risk management department under theterms of the investment management agreement between the Responsible Entity and the Investment Manager.

(b) Market risk

(i) Price risk

The Trust trades in financial instruments by taking positions in exchange traded instruments, includingderivatives.

All securities investments present a risk of loss of capital. The Investment Manager manages this risk through acareful selection of securities and other financial instruments within specified limits. The Trust's overall marketpositions are monitored on a daily basis by the Investment Manager.

Price risk is managed by:

seeking to ensure the Trust is fully invested by managing the cash levels within the Trust

seeking to ensure that the Trust is investing in accordance with its stated objectives.

The Trust's equity securities and derivatives are susceptible to market price risk arising from uncertainties aboutfuture prices of the instruments.

At 30 June 2013, the Trust's market risk is affected by changes in market prices. If the exposure to financialassets and financial liabilities at 30 June 2013 had increased by 10% with all other variables held constant, thiswould have increased net assets attributable to unitholders by approximately $2,831,534 (2012: 10%;$2,519,645). Conversely, if the exposure to financial assets and financial liabilities at 30 June 2013 haddecreased by 10% with all other variables held constant, this would have decreased net assets attributable tounitholders by approximately $2,831,534 (2012: 10%; $2,519,645).

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3 Financial risk management (continued)

(b) Market risk (continued)

(ii) Foreign exchange risk

The Trust holds both monetary and non-monetary assets and liabilities denominated in currencies other thanthe Australian dollar. The foreign exchange risk relating to non-monetary assets and liabilities is a component ofprice risk. Foreign exchange risk arises as the value of monetary assets and liabilities denominated in othercurrencies will fluctuate due to changes in exchange rates.

The table below summarises the Trust’s monetary and non-monetary assets and liabilities denominated inAustralian dollar and other currencies.

30 June 2013

AustralianDollars

$'000

USDollars

$'000

Total

$'000

Assets

Cash and cash equivalents 21,707 - 21,707

Margin accounts 4,452 276 4,728

Receivables 7 - 7

Financial assets held at fairvalue through profit or loss 5,856 - 5,856

Total assets 32,022 276 32,298

Liabilities

Redemptions payable 104 - 104

Due to brokers - payable forsecurities purchased 1,295 - 1,295

Responsible Entity/Managerfees payable 27 - 27

Financial liabilities held at fairvalue through profit or loss - 2,897 2,897

Total liabilities (excludingnet assets attributable tounitholders) 1,426 2,897 4,323

Net assets attributable tounitholders - liability 30,596 (2,621) 27,975

17





(ii) Foreign exchange risk (continued)

30 June 2012

AustralianDollars

$'000

USDollars

$'000

Total

$'000

Assets

Cash and cash equivalents 22,975 - 22,975

Margin accounts 1,804 618 2,422

Receivables 5 - 5

Financial assets held at fairvalue through profit or loss - 423 423

Total assets 24,784 1,041 25,825

Liabilities

Distributions payable 102 - 102

Responsible Entity/Managerfees payable 22 - 22

Total liabilities (excludingnet assets attributable tounitholders) 124 - 124

Net assets attributable tounitholders - liability 24,660 1,041 25,701

Foreign exchange risk on monetary assets and monetary liabilities is measured using sensitivity analysis as setout below.

The following table summarises the sensitivity of the Trust to foreign exchange risk as at 30 June 2013 and 30June 2012. The sensitivity of profit/(loss) for the year and the impact on net assets attributable to unitholders isthe effect of a reasonably possible change in foreign exchange rates on monetary assets and liabilities held atyear end. If exchange rates increased or decreased by 10%, with all other variables remaining constant, theapproximate movement in net assets attributable to unitholders would amount to the following.

In practice, the actual results may differ from the below sensitivity analysis and the difference could besignificant.

Foreign exchangerisk

Impact on operatingprofit/Net assets

attributable tounitholders

+10%

USD

A$'000

-10%

USD

A$'000

30 June 2013 28 (28)

30 June 2012 62 (62)

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(iii) Interest rate risk

The Trust is subject to risk due to fluctuations in the prevailing levels of market interest rates. Any excess cashand cash equivalents are invested at short-term market interest rates.

The Compliance Committee of the Responsible Entity reviews any identified exceptions to internal risk policiesand procedures on a quarterly basis.

The table below demonstrates the sensitivity of the Trust's profit/(loss) for the year to a reasonably possiblechange in interest rates, with all other variables held constant. The sensitivity of the profit/(loss) for the year isthe effect of the assumed changes in interest rates on net interest income for the year based on the floatingrate deposits at call held at year end.

In practice, the actual results may differ from the below sensitivity analysis and the difference could besignificant.

Change in

basis points

Sensitivity of

interest

income

Increase/

(decrease)

Increase/

(decrease)

$'000

30 June 2013 25/(25) 51/(51)

30 June 2012 100/(100) 230/(230)

(c) Credit risk

Credit risk arises from cash and cash equivalents, deposits with banks and other financial institutions andcounterparties to derivatives. None of these assets are impaired nor past due but not impaired.

The Trust manages credit risk by managing its exposures to issuers, deposit taking institutions, brokers andother counterparties.

The exposure to credit risk for cash and cash equivalents, deposits with banks and other financial institutionsand counterparties to derivatives is low as all counterparties have a rating of at least A- (2012: A-) asdetermined by Standard and Poor's rating agency.

The maximum exposure to credit risk at the reporting date is the carrying amount of cash and cash equivalentsand other financial assets.

In accordance with the Trust’s policy, the Responsible Entity's risk management department monitors theTrust’s credit exposure on a daily basis. The Compliance Committee of the Responsible Entity reviews anyidentified exceptions to internal risk policies and procedures on a quarterly basis.

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(d) Liquidity risk

The Trust is exposed to daily cash redemptions of redeemable units. It therefore invests the majority of itsassets in investments that are traded in an active market and can be readily disposed of.

The investments of the Trust may become illiquid. As a result, the Trust may not be able to liquidate quickly itsinvestments in these instruments at an amount close to their fair value, or at all, to meet its liquidityrequirements. No such investments were held at the statement of financial position date.

The Compliance Committee of the Responsible Entity reviews any identified exceptions to internal risk policiesand procedures on a quarterly basis.

Redeemable units are redeemed at the request of unitholders subject to the Trust's offer document and TrustConstitution (as applicable). All other liabilities are payable within 30 days except for futures which are due in 60days.

(e) Fair value estimation

The carrying amounts of all the Trust's financial assets and financial liabilities at the end of each reportingperiod approximated their fair values as all financial assets and financial liabilities not fair valued are short-termin nature.

The Trust classifies fair value measurements using a fair value hierarchy that reflects the subjectivity of theinputs used in making the measurements. The fair value hierarchy has the following levels:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either

directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

Inputs for the asset or liability that are not based on observable market data (that is, unobservable

inputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety isdetermined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If afair value measurement uses observable inputs that require significant adjustment based on unobservableinputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fairvalue measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes 'observable' requires significant judgement by the Trust. The Trustconsiders observable data to be market data that is readily available, regularly distributed or updated, reliableand verifiable, not proprietary, and provided by independent sources that are actively involved in the relevantmarket.

20




(e) Fair value estimation (continued)

The following table analyses within the fair value hierarchy the Trust's financial assets and financial liabilities(by class) measured at fair value at 30 June 2013 and 30 June 2012.

30 June 2013

Level 1

$'000

Level 2

$'000

Level 3

$'000

Total

$'000

Financial assets

Financial assets designatedat fair value through profit orloss at inception:

- Equity securities 5,856 - - 5,856

Total financial assets 5,856 - - 5,856

Financial liabilities

Financial liabilities held fortrading:

- Derivatives 2,897 - - 2,897

Total financial liabilities 2,897 - - 2,897

30 June 2012

Level 1

$'000

Level 2

$'000

Level 3

$'000

Total

$'000

Financial assets

Financial assets held fortrading:

- Derivatives 423 - - 423

Total financial assets 423 - - 423

During the year, there were no transfers between level 1 and 2 or into/out of level 3 (2012: Nil).

The fair value of listed equity securities as well as publicly traded derivatives are based on quoted market pricesor binding dealer price quotations at the reporting date (bid price for long positions and ask price for shortpositions) and have therefore been classified as level 1 in the fair value hierarchy.

21



4 Auditor's remuneration

During the year the following fees were paid or payable for services provided by the auditor of the Trust:

2013

$

2012

$

Audit services

Ernst & Young Australian firm

Audit of financial reports 4,972 4,813

Other audit work under theCorporations Act 2001 336 324

Total remuneration for auditservices 5,308 5,137

Audit fees are paid out of the Investment Manager's own resources.

5 Net (losses)/gains on financial instruments held at fair value through profit or loss

Net (losses)/gains recognised in relation to financial instruments held at fair value through profit or loss:

2013

$'000

2012

$'000

Net (losses)/gains on financialinstruments held for trading (8,798) 805

Net losses on financialinstruments designated as at fairvalue through profit or loss (1,741) -

Net (losses)/gains on financialinstruments held at fair valuethrough profit or loss (10,539) 805

6 Net assets attributable to unitholders

Movements in number of units and net assets attributable to unitholders during the year were as follows:

As stipulated within the Trust Constitution, each unit represents a right to an individual share in the Trust and does notextend to a right to the underlying assets of the Trust. There are no separate classes of units and each unit has thesame rights attaching to it as all other units of the Trust.

2013

No. '000

2012

No. '000

2013

$'000

2012

$'000

Opening balance 21,923 15,964 25,701 17,944

Applications 12,067 7,828 14,936 9,597

Redemptions (2,063) (2,247) (2,373) (2,933)

Units issued upon reinvestment ofdistributions 1,696 378 1,946 441

(Decrease)/increase in net assetsattributable to unitholders - - (12,235) 652

Closing balance 33,623 21,923 27,975 25,701

22



6 Net assets attributable to unitholders (continued)

Capital risk management

The Trust manages its net assets attributable to unitholders as capital, notwithstanding net assets attributable tounitholders are classified as a liability. The amount of net assets attributable to unitholders can change significantly ona daily basis as the Trust is subject to daily applications and redemptions at the discretion of unitholders.

The Responsible Entity monitors the level of daily applications and redemptions relative to the liquid assets in theTrust.

7 Cash and cash equivalents

2013

$'000

2012

$'000

Cash at bank 1,426 9

Deposits at call 20,281 22,966

Total cash and cashequivalents 21,707 22,975

8 Financial assets held at fair value through profit or loss

2013

Fair value

$'000

2012

Fair value

$'000

Held for trading

Derivatives - 423

Total held for trading - 423

Designated at fair value throughprofit or loss

Equity securities 5,856 -

Total designated at fair valuethrough profit or loss 5,856 -

Total financial assets held atfair value through profit or loss 5,856 423

Comprising:

Derivatives

International commodity futures - 423

Total derivatives - 423

23



8 Financial assets held at fair value through profit or loss (continued)

2013

Fair value

$'000

2012

Fair value

$'000

Equity securities

Australian equity securities listedon a prescribed stock exchange 5,856 -

Total equity securities 5,856 -

Total financial assets held atfair value through profit or loss 5,856 423

An overview of the risk exposures relating to financial assets at fair value through profit or loss is included in note 3.

9 Financial liabilities held at fair value through profit or loss

2013

Fair value

$'000

2012

Fair value

$'000

Held for trading

Derivatives 2,897 -

Total held for trading 2,897 -

Total financial liabilities held atfair value through profit or loss 2,897 -

Comprising:

Derivatives

International commodity futures 2,897 -

Total derivatives 2,897 -

Total financial liabilities held atfair value through profit or loss 2,897 -

An overview of the risk exposures relating to financial liabilities at fair value through profit or loss is included in note 3.

24



10 Related party disclosures

(a) Parent entities

The parent and ultimate parent entity is van Eyk Blueprint Alternatives Fund, which at 30 June 2013 owns73.58% (2012: 66.21%) of the units of van Eyk Blueprint Gold Bullion Fund.

(b) Responsible Entity

The Responsible Entity of van Eyk Blueprint Gold Bullion Fund is Macquarie Investment Management Limited(MIML), a wholly owned subsidiary of Macquarie Group Limited.

(c) Key management personnel

The following persons held office as directors of MIML during the year or since the end of the year and up to thedate of this report:

B Terry

T Graham (resigned 30/06/2013)

R Cartwright (resigned 30/06/2013)

C Vignes (resigned 30/06/2013)

M Aubrey (resigned 30/06/2013)

J Edstein (appointed 01/07/2013)

J Skender (appointed 01/07/2013)

I Miller (appointed 01/07/2013)

No amount is paid by the Trust directly to the directors of the Responsible Entity. Consequently, nocompensation as defined in AASB 124 Related Party Disclosures is paid by the Trust to the directors as keymanagement personnel.

(d) Key management personnel unitholdings

No key management personnel held units in the Trust at any time during the year (2012: Nil).

(e) Key management personnel loan disclosures

The Trust has not made, guaranteed or secured, directly or indirectly, any loans to the key managementpersonnel or their personally related entities at any time during the reporting period (2012: Nil).

(f) Responsible Entity/Manager fees and other transactions

For the year ended 30 June 2013, in accordance with the Trust Constitution, the Responsible Entity/Managerwas entitled to a total fee of 1.04% of net asset value (inclusive of GST, net of RITC available to the Trust) perannum (2012: 1.04%). The total fee includes the fees that were charged directly in the underlying funds of theTrust. Due to the fees that were charged directly in the underlying funds, the fee rate charged by the Trust forthe year ended 30 June 2013 was 1.04% (2012: 1.04%).

All expenses in connection with the preparation of accounting records and the maintenance of the unit registerhave been fully borne by the Responsible Entity.

25



10 Related party disclosures (continued)

(f) Responsible Entity/Manager fees and other transactions (continued)

All related party transactions are conducted on normal commercial terms and conditions. The transactionsduring the year and amounts payable at year end between the Trust and the Responsible Entity/Manager wereas follows:

2013

$

2012

$

Management fees paid by theTrust to the ResponsibleEntity/Manager 345,024 245,328

Aggregate amounts payable tothe Responsible Entity/Managerat the reporting date 26,613 21,935

The Investment Manager is not a related party of the Trust or the Responsible Entity.

(g) Related party schemes' unitholdings

Parties related to the Trust (including MIML, its affiliates and other schemes managed by MIML) held units inthe Trust as follows:

30 June 2013

Unitholder

Number ofunits heldopening

(Units)

Number ofunits held

closing

(Units)

Interestheld

%

Number ofunits

acquired

(Units)

Number ofunits

disposed

(Units)

Distributionsdeclared by

the Trust

$

van Eyk BlueprintAlternatives Fund 14,515,850 24,740,234 73.58 10,224,384 - 1,934,709

30 June 2012

Unitholder

Number ofunits heldopening

(Units)

Number ofunits held

closing

(Units)

Interestheld

%

Number ofunits

acquired

(Units)

Number ofunits

disposed

(Units)

Distributionsdeclared by

the Trust

$

van Eyk BlueprintAlternatives Fund 9,828,239 14,515,850 66.21 4,687,611 - 431,927

There are no distributions payable to the above scheme as at 30 June 2013 (2012: Nil).

There are no redemptions payable to the above scheme as at 30 June 2013 (2012: Nil).

(h) Investments

The Trust held no investments in any schemes which are also managed by MIML or its related parties(2012: Nil).

26



10 Related party disclosures (continued)

(i) Other transaction within the Trust

Apart from those details disclosed in this note, no directors of the Responsible Entity have entered into amaterial contract with the Trust since the end of the previous financial year and there were no material contractsinvolving directors' interests subsisting at year end.

The Trust may hold bank accounts with Macquarie Bank Limited. The Trust may use Macquarie Securities(Australia) Limited, Macquarie Bank Limited or Macquarie entities for broking and clearing services respectively.Fees and expenses are negotiated on an arm's length basis for all transactions with related parties.

Bond Street Custodians Limited, a wholly owned subsidiary of Macquarie Group Limited, is a custodian of theTrust.

11 Reconciliation of (loss)/profit to net cash (outflow)/inflow from operating activities

(a) Reconciliation of (loss)/profit to net cash (outflow)/inflow from operating activities

2013

$'000

2012

$'000

Profit/(loss) for the year - -

(Decrease)/increase in net assetsattributable to unitholders (12,235) 652

Net foreign exchange(gain)/losses (265) 193

Net losses/(gains) on financialinstruments held at fair valuethrough profit or loss 10,539 (805)

Proceeds from sale of financialinstruments held at fair valuethrough profit or loss 2,418 8,320

Purchase of financial instrumentsheld at fair value through profit orloss (16,504) (2,718)

Distributions to unitholders 2,563 658

Net change in receivables andother assets (2) -

Net change in payables and otherliabilities 5 5

Net cash (outflow)/inflow fromoperating activities (13,481) 6,305

(b) Non-cash financing activities

2013

$'000

2012

$'000

During the year, the followingdistribution payments weresatisfied by the issue of unitsunder the distributionreinvestment plan 1,946 441

27



11 Reconciliation of (loss)/profit to net cash (outflow)/inflow from operating activities (continued)

As described in note 2(k), income not distributed is included in net assets attributable to unitholders. The change inthis amount each year (as reported in (a) above) represents a non-cash financing cost as it is not settled in cash untilsuch time as it becomes distributable.

12 Events occurring after the reporting date

No significant events have occurred since the reporting date which would impact on the financial position of the Trustdisclosed in the statement of financial position as at 30 June 2013 or on the results and cash flows of the Trust for theyear ended on that date.

13 Contingent assets, contingent liabilities and commitments

There are no outstanding contingent assets, contingent liabilities or commitments as at 30 June 2013 and 30 June2012.

28


Directors' Declaration

In the opinion of the directors of the Responsible Entity:

(a) the financial statements and notes as set out on pages 5 to 28 are in accordance with the Corporations Act 2001,including:

(i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professionalreporting requirements; and

(ii) giving a true and fair view of the Trust's financial position as at 30 June 2013 and of its performance for thefinancial year ended on that date; and

(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become dueand payable.

The directors declare that the notes to the financial statements include an explicit and unreserved statement of compliancewith the International Financial Reporting Standards (see note 2 (a)).

This declaration is made in accordance with a resolution of the directors.

Director ..................................................................

B Terry

Sydney11 September 2013

29

Documents

van Eyk Blueprint Gold Bullion Fund - Macquarie